PURCHASE, N.Y., August 9, 2018 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today said that pilots employed by its Southern Air, Inc. subsidiary have ratified an agreement between Southern Air and Local 1224 of the International Brotherhood of Teamsters (IBT) for interim enhancements to the collective bargaining agreement between the parties.
The interim agreement increases pay rates for Southern Air pilots to the same wage scales as provided to pilots of Atlas Air, Inc. It also provides for a ratification bonus and other terms and conditions that are comparable to those provided to their colleagues at Atlas Air.
“We are pleased to enter into this agreement to benefit our Southern Air pilots, and we appreciate the hard work and commitment of the IBT during the entire process,” said Atlas Air President and Chief Operating Officer John W. Dietrich. “We look forward to continuing our collaborative and productive discussions with the IBT leadership as we proceed toward the merger of Atlas Air and Southern Air and the completion of a joint collective bargaining agreement covering all of our pilots.”
The expected financial and operating impacts of the tentative agreement in 2018 were incorporated in Atlas Air Worldwide’s earnings growth framework announced on August 2, 2018. As indicated, the company anticipates that its full-year 2018 adjusted net income will grow by 45% to 50% compared with 2017.
The company provides guidance on an adjusted basis because we are unable to predict, with reasonable certainty, the effects of outstanding warrants and other items that could be material to our reported results.
Mr. Dietrich added: “We value the professionalism and contributions of our Atlas Air and Southern Air crewmembers and the excellent service they provide every day. We also remain committed to completing the bargaining process for a joint contract in a timely manner and in the best interests of all parties.”